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The 60th Hoot
Tesla is Back with Bitcoin 🤝🏼
Good Morning & Happy Monday, boys and girls.
In classic American style, I hope you over-consumed during last night’s SuperBowl.
But now that its behind us, let’s freshen up and dive right into business 🫡
Scatt's Weekly Seeds:
🌱25% of ETH Supply is now Staked 🤩
🌱How Much Electricity do Crypto Miners consume? 🔋
🌱Tesla is Back with Bitcoin 🤝🏼
🌱MicroStrategy’s Bitcoin Mission 🎯
Meme of The Week
Year-to-Date Returns:
S&P 500: 5.38%
Dow: 2.61%
Nasdaq Comp: 6.52%
Bitcoin: 14.45%
Ethereum: 9.32%
Scatt Capital’s Fortune Strategy: 20.37% (Since Dec. 2022 Inception): 65.26%
News Breakdown:
Crypto Market:
7-DAY CRYPTO MARKET CAP CHANGE: +$170BN
CRYPTO INVESTMENT PRODUCT FLOW: +$708MIL
YEAR-TO-DATE FLOWS NOW +$1.6BN & & $53BN TOTAL AUM
CHINA EMERGING AS A STRONG SOURCE OF BITCOIN DEMAND
US FILES NOTICE TO SELL $130MIL OF BITCOIN LINKED TO SILK ROAD
ETHEREUM LAYER 2 FEES SURGED 400% LAST YEAR
HONG KONG CHAMBER OF COMMERCE LAUNCHING NEW STABLECOIN BACKED BY CHINESE YUAN
FORMER BANK CEO (KANSAS) CHARGED AFTER EMBEZZLING $47MIL TO BUY CRYPTO
Credit & Debt Markets:
10-YR TREASURY YIELD: 4.168%
KKR’S FINANCIERS FOR TELECOM ITALIA LOOKING TO SYNDICATE THE DEAL THIS MONTH
UBS TO SELL BILLIONS IN AT1 BONDS OVER NEXT FEW YEARS ($2BIL IN 2024): ATTRACTED $12BIL IN ORDERS ALREADY
MAST CAPITAL (CIPRIANI, MIAMI DEVELOPER) RAISED $600MIL THROUGH CONSTRUCTION LOAN
APOLLO, BLACKSTONE + OTHER CREDIT GROUPS FINALIZING $2BN DEBT PACKAGE FOR ALTERYX BUYOUT
SPIRIT AIRLINES LOOKING TO ADDRESS $1.6BN DEBT MATURING IN 2025 AND 2026
This Week’s Economic Calendar:
Monthly Federal Budget (Monday)
Consumer Price Index (Tuesday)
U.S. Retail Sales (Thursday)
Housing Starts & Building Permits (Friday)
Producer Price Index (Friday)
25% of ETH Supply is now Staked 🤩
Stake.
It’s quite a strange term & concept, but man is it awesome.
‘Staking’ Ethereum is essentially pledging your coins to support the safety of the network.
In return, you earn a yield (around 4-5% APY).
Well 25% of ALL Ethereum supply is now being staked.
This is fantastic news.
It shows people’s level of trust within the ecosystem.
Earning a yield on an appreciating asset is also just crazy in itself.
How Much Electricity do Crypto Miners Consume? 🔋
“Power munchers”
It’s been said that Bitcoin miners consume the same amount of electricity as the entire state of Utah.
And I’m here to dispute that? Absolutely not.
What I do know is the intent behind the mining, and what’ll happen to the consumption over time.
The intention is: To create the most perfect form of currency there ever was.
And its planned consumption as Bitcoin halvings continue to take place will reduce the amount of electricity used by miners.
In hindsight, a couple years will be nothing.
Point being: There are bigger, more energy-consuming problems.
Tesla Owns Bitcoin 🤝🏼
Legend.
We had a BIG earnings period the last 2-3 weeks.
A lot of positive and mixed results… but we were interested to see how many times crypto was mentioned.
We can always rely on Elon to pull through with results: Tesla officially owns 9,720 Bitcoin, or $385mil.
It’s holding is only overshadowed by Microstrategy (officially a Bitcoin development company) and Marathon Digital (Bitcoin miner).
Love you, Elon.
MicroStrategy’s Bitcoin Mission 🎯
Another Legend.
Part of those recent earnings calls was Microstrategy, AKA a Bitcoin BEHEMOTH.
They officially hold 190,000 Bitcoin.
That is more than $9 BILLION dollars.
What an absolute legend.
From working at McDonalds in 1992 to CEO of the biggest Bitcoin company in the world just a few years later.
Inspirational.
Our Favorite Crypto Storage Option:
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.